David Bailey’s Bitcoin-focused treasury company, Nakamoto, reported a reduction of its Bitcoin holdings by 184 BTC in the third quarter, bringing its total reserves down to 4,283 BTC as of September 30. This marks a decrease from the 4,467 BTC held at the end of June.
Significant Third-Quarter Sale
According to Bitcoin Treasuries data, Nakamoto sold 184 BTC during the third quarter of 2026. As a result, the company now ranks 21st in terms of corporate Bitcoin reserves. Financial documents indicate that the digital asset sales generated approximately $13.2 million in additional revenue over the quarter.
The sales encompassed in the 184 BTC decrease were not individually itemized. However, by the end of the period, the market value of the company’s remaining Bitcoin holdings was approximately $357.9 million.
As of September 30, about 3,030 BTC were pledged as collateral against company debts, with 1,253 BTC remaining unencumbered.
Multiple Sales in 2026
This year was not Nakamoto’s first foray into Bitcoin sales. In March, subsequent to the acquisitions of BTC Inc. and UTXO Management, the company sold approximately 284 BTC to finance working capital and operating expenses, raising $20 million.
In March, the sale price averaged roughly $70,422 per Bitcoin. Additionally, during the first quarter, Nakamoto earned around 43 BTC from derivative strategies and thereafter offloaded roughly 40 BTC.
A larger transaction occurred in June when the company sold approximately 600 BTC for $35.6 million USDT. When combined with revenue from specific Bitcoin derivative positions, these transactions altogether contributed nearly $48 million.
For those monitoring the timing of these sales and their impact on the company’s balance sheet, CryptoAppsy offers real-time charts that integrate price movements and coin-specific news feeds, providing a convenient tracking tool for how Nakamoto’s sales intersect with Bitcoin price dynamics and corporate reserve strategies.
Debt Structure and Operating Losses Highlighted
In June, the proceeds of $45 million from these sales were used to partially repay a Bitcoin-collateralized loan from Kraken, reducing the outstanding principal from 210 million USDT to 165 million USDT.
On November 11, Nakamoto extended the maturity of a $60 million USDT portion of the Kraken loan from December 2026 to December 2027. This extension means the company no longer has a principal repayment scheduled for 2026.
The company reported a net profit of $85.5 million in the third quarter; however, the adjusted operating loss was recorded at $15.8 million.
The main driver of net profit was the increase in market value of the company’s Bitcoin holdings. Conversely, the adjusted operating loss underscores the ongoing challenge of generating sustainable revenue independent of Bitcoin’s price increase.
David Bailey suggests that Nakamoto is aiming to establish businesses capable of generating income across different Bitcoin cycles. The recent sale illustrates that the company’s strategy for its corporate Bitcoin treasury is not solely accumulation but also includes sales based on financing and operational needs.
